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Economy

The Obama Economy Is Great…For Washington D.C.

Last week, Michigan’s Bureau of Labor Market Information announced that their state’s unemployment rate spiked in June, hitting 15.2%, the highest rate since mid-1983. Five other states, Rhode Island (12.4%), Oregon (12.2%), South Carolina (12.1%), Nevada (12%), and California (11.6%) all have either matched or surpassed their all time unemployment highs. Nationwide, a total of fifteen states are now suffering from 10% unemployment. The Federal Reserve predicts that double digit unemployment will envelope most of the country later this year.

But despite the weakness of the economy nationwide, one region in the country is doing much better. Compared to the nation 9.5% unemployment average, at 6.2%, the unemployment rate in the Washington D.C. metro region is lower than any other major metropolitan area in the country. And there is no secret about the source of D.C.’s economic strength: the rest of the country’s tax dollars siphoned through the rapidly expanding federal government. Fifteen cents of every dollar the federal government doles out throughout the world is spent in the Washington area. Last year alone, the federal government poured $133 billion into the area making the federal government the source for about one-third of Washington’s $401 billion economy.

Just not news, really. Look at any state, and you'll find the same thing. Most state tax dollars are spent in the capitols. So what do we do?

As for unemployment stats, I think the REAL rate is much higher. Probably in line with the Great Depression....around 20-25%. Once you've been unemployed for 6 months or a year (some nominal amount of time according to statisticians) you're no longer counted. Also, for every wage-earning able bodied worker who wants to work full-time, but has had to take part time.....should be counted as 1/2 unemployed. Taking into account those two groups (large groups) the real rate is much higher.

As for unemployment stats, I think the REAL rate is much higher. Probably in line with the Great Depression....around 20-25%. Once you've been unemployed for 6 months or a year (some nominal amount of time according to statisticians) you're no longer counted. Also, for every wage-earning able bodied worker who wants to work full-time, but has had to take part time.....should be counted as 1/2 unemployed. Taking into account those two groups (large groups) the real rate is much higher.

From my post on July 5th on the unemployment thread:

Those numbers don't even tell the whole story. The average work week has gone down to just over 33 hours per week due to full time folks, working but only getting part time hours. So those that are working are only working 82.5% of full time work weeks. So 16.5% is not working at all, those that are working are also 17.5% laid off. 83.5% of working people working at 82.5% fulltime capacity really gives 68.9% full time work equivalent going on right now. 31.1% unemployment.

I realize Las Vegas is not the real world but our unemployment is higher than those numbers but we have so many undocumented workers receiving benefits that borders on criminal, but my union Culinary # 226 backed BHO..thats the change we can believe in...give me a break

Executor of the Alanson C Brown III - Trust

Originally Posted by lanse brown

A few things that I learned still ring true. "Lanse when you get a gift, say thank you and walk away. When you get a screwing walk away. You are going to get a lot more screwings than gifts"

Those numbers don't even tell the whole story. The average work week has gone down to just over 33 hours per week due to full time folks, working but only getting part time hours. So those that are working are only working 82.5% of full time work weeks. So 16.5% is not working at all, those that are working are also 17.5% laid off. 83.5% of working people working at 82.5% fulltime capacity really gives 68.9% full time work equivalent going on right now. 31.1% unemployment.

I realize what you are getting at but 33 hours is considered full time.

Once you've been unemployed for 6 months or a year (some nominal amount of time according to statisticians) you're no longer counted. Also, for every wage-earning able bodied worker who wants to work full-time, but has had to take part time.....should be counted as 1/2 unemployed. Taking into account those two groups (large groups) the real rate is much higher.

Not quite right... you're counted as unemployed as long as you're still actively looking for a job. The fact is many become disheartened and stop looking and those are the ones that aren't factored in. Those that are unemployable because they'd rather sit on their duffs and collect welfare are also included.

Come on now! We all know the employment data would be much, much worse without all those "jobs saved and created" from Dear Leader's stimulus package. I bet he's "saved or created" at least 600,000 jobs this summer alone. Just ask him.

So forget U6 that shows unemployment at 16.5%. Use Dear Leader's new and improved 'U7' that reflects jobs saved or created.

Our President's approval rating for his first six months is tracking lower than Jimma Carter's first six months slippage. Now that's change we can believe in.

Come on now! We all know the employment data would be much, much worse without all those "jobs saved and created" from Dear Leader's stimulus package. I bet he's "saved or created" at least 600,000 jobs this summer alone. Just ask him.

So forget U6 that shows unemployment at 16.5%. Use Dear Leader's new and improved 'U7' that reflects jobs saved or created.

Our President's approval rating for his first six months is tracking lower than Jimma Carter's first six months slippage. Now that's change we can believe in.

We live in Cuba now.

I am not touting Obama’s economics, but just what would McCain have done differently? McCain admitted economics was not his strong suit.Anyone remember his big flip flop on the economy?http://www.perrspectives.com/blog/archives/001032.htmMcCain was 5th from the bottom of his graduating class of 899 midshipmen. If he did not understand economics, how could he have made a wise choice on how to fix the economy.
I think if McCain would have been elected President, we would be in worse shape than we are in now.